Home Remodeling Expected to Spur Early 2011 Housing Growth

home remodeling on the rise
home remodeling on the rise

Growth in the housing market may be on the near horizon, but it might come from an unexpected area: Home remodeling. According to a new report from the Remodeling Futures Program at Harvard's Joint Center for Housing Studies, spending on home improvement projects may achieve double-digit growth by the first quarter of 2011. The planned improvements go beyond basic upgrades and energy-saving retrofitting to include complete remodeling and additions. The source of the surge in renovation spending likely comes from homeowners reticent to dip a toe into the still-turbulent real estate market, either to sell or to buy.